The New Power Co. plugs into NYSE

Enron unit files for $400 million IPO

By

SteveGelsi

GREENWICH, Conn. (CBS.MW) -- Enron unit The New Power Company on Friday filed for a $400 million initial public offering as part of its bid to become the first nationally branded utility in the United States.

Founded in 1997 by No. 1 natural gas company Enron (ENE), the company bills itself as a provider of electricity and natural gas to residential and small commercial customers in the United States.

It’s applying to use the ticker NPW (NPW) on the New York Stock Exchange.

Ontario Public Employees Retirement System and California Employees’ Retirement System also own stakes.

The IPO comes amid a surge in electrical demand, sparked by growth in computer networks, plus commercial and residential development.

It’s following on the heels of a surging IPO performance from Capstone Turbine (CPST), a maker of alternative energy turbines.

The New Power Co. rang up $55.6 million in revenue and an operating loss of $10.1 million in the first three months of the year, vs. $2.2 million in revenue and a loss of $8.6 million in the year-ago period.

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